Amgen and AbbVie report Inflation Reduction Act negotiations dent Q1 sales

Amgen and AbbVie disclosed in their first-quarter earnings that the Inflation Reduction Act is already affecting their sales.

The companies said the first set of drug-price negotiations required by the law took effect in January, and the resulting price adjustments have reduced revenue for the quarter.

Both firms highlighted the impact as a new cost factor for the industry as the IRA's pricing framework rolls out, but did not provide detailed financial figures in the brief statement.